Renaissance Technologies LLC Decreases Stock Holdings in Lakeland Financial Corporation $LKFN

Key Points

• Renaissance Technologies cut its Lakeland Financial stake by 55% in the first quarter, selling 71,685 shares and retaining 58,544 shares worth approximately $3.36 million. Institutional investors collectively own 81.15% of LKFN.
• Lakeland Financial reported quarterly EPS of $1.13, exceeding the $1.08 consensus estimate, though revenue of $70.87 million fell short of expectations. The company maintains a quarterly dividend of $0.52 per share, yielding about 3.4% annually.
• Analyst sentiment remains cautious: LKFN has an average “Hold” rating and a consensus price target of $66.50, compared with a recent share price near $61.73. A company director also reduced his holdings by 29.24% through a stock sale.

Renaissance Technologies LLC reduced its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 55.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 58,544 shares of the financial services provider's stock after selling 71,685 shares during the quarter. Renaissance Technologies LLC owned about 0.24% of Lakeland Financial worth $3,359,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Osaic Holdings Inc. increased its position in Lakeland Financial by 186.0% in the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after purchasing an additional 305 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 582 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Lakeland Financial by 40.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock worth $42,000 after buying an additional 210 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Lakeland Financial by 118.9% in the 4th quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock worth $57,000 after buying an additional 541 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of Lakeland Financial in the 1st quarter worth about $86,000. 81.15% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Bradley J. Toothaker sold 5,900 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $60.62, for a total value of $357,658.00. Following the sale, the director directly owned 14,278 shares of the company's stock, valued at $865,532.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.00% of the stock is owned by company insiders.

Lakeland Financial Stock Down 0.9%

NASDAQ LKFN opened at $61.73 on Friday. Lakeland Financial Corporation has a 52 week low of $54.36 and a 52 week high of $69.40. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 14.16 and a beta of 0.72. The company has a fifty day moving average of $61.38 and a two-hundred day moving average of $60.10.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. The business had revenue of $70.87 million for the quarter, compared to the consensus estimate of $72.11 million. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Equities research analysts anticipate that Lakeland Financial Corporation will post 4.37 EPS for the current year.

Lakeland Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Saturday, July 25th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, July 24th. Lakeland Financial's dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on LKFN shares. Weiss Ratings cut shares of Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Wall Street Zen cut Lakeland Financial from a "hold" rating to a "sell" rating in a research note on Sunday. Finally, Hovde Group upped their price objective on Lakeland Financial from $63.00 to $66.00 and gave the company a "market perform" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Lakeland Financial has an average rating of "Hold" and a consensus price target of $66.50.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.

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